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Cetif - UniCatt together with Intesa (IBM Group) and CherryChain in the Onboarding and Know Your Customer (O-KYC) project on DLT technology/Blockchain

More than 20 participating Italian entities
18.02.2021
Press releases

Milan, Feb. 18, 2021 - Numerous and representative financial, public administration and business entities are taking part in the O-KYC (Onboarding - Know Your Customer) project promoted by CeTIF, together with Intesa (IBM Group) and Cherry Chain, with the participation of the Bank of Italy andIvass, to digitize the Onboarding and Know Your Customer process with DLT/blockchain technology .

In fact, Assolombarda, ASMEL, Banca Mediolanum, Banca Monte dei Paschi di Siena, BNL, Banca Popolare di Puglia e Basilicata, CEDACRI, CERVED, Confindustria digitale, Enel, FCA Bank, Fondazione Cariverona, ICCREA, Intesa Sanpaolo, Regione Lombardia, Veneto Sviluppo spa, Telepass, Poste Italiane, UBI Banca, among others, have joined the initiative.

The main objective is to simplify, reduce the time and cost of the onboarding process in order to generate efficiency in the internal processes of the companies involved. In fact, the initiative aims at sharing the information necessary for O-KYC processes among the participants in the ecosystem through the creation of a wallet that allows the customer to authorize the transfer of his or her information from the entity that holds it (Custodian) to the requester. This is in line with the GDPR regulation on data management, thus ensuring the security of the entire process, full control to the end user of their data, and possible remuneration in the form of expendable "tokens" within the ecosystem.

The O-KYC initiative stems from the need, expressed by all system players, to reduce costs, time and complexity that significantly affect the operation of these processes. The solution is developed within a previously successfully tested path of experimentation on real data.

Leading the project, which is being overseen by a Stakeholder Committee, are Cetif Adivisory, Intesa, an IBM Group company that is a key player in digital transformation, and CherryChain, a fintech start-up specializing in the development and application integration of blockchain technology in the IBM cloud. Support on legal aspects related to the project was entrusted to Chiomenti. 

Full press release:

https://www.cetif.it/wp-content/uploads/2021/03/CS-Cetif_Intesa_IBM_CherryChain_Partecipanti-O-KYC.pdf